Eni starts redevelopment at Junín-5 in Venezuela
Key Highlights
- Eni started redevelopment of Junín-5 in the Orinoco Belt.
- The project will restore abandoned wells, drill new wells, and use existing infrastructure to support execution.
- Redevelopment is expected to produce 200,000 b/d by 2028.
Eni SPA began redevelopment at Venezuela’s Junín-5 field, less than 2 months after signing of the Contrato de Participación Productiva de Hidrocarburos.
Junín 5, in the Orinoco Belt, is a supergiant heavy oil field containing 35 billion bbl of certified oil in place. It currently produces about 12,000 b/d.
The development plan includes the restoration of abandoned wells and a drilling campaign for new wells. Phase 1 is expected to result in production growth to 200,000 b/d by 2028, the company said. The project will leverage existing area infrastructure aimed at optimizing execution timelines and investments.
Weatherford International plc, in a separate release, said it is providing integrated services and technologies to support the field’s workover and drilling campaign.
Eni in Venezuela
Eni holds six mining licenses in the country, offshore in the Gulf of Venezuela and the Gulf of Paria, and onshore in the Orinoco region.
The operator also is engaged in natural gas development through Cardón IV, a venture equally owned by Eni and Repsol. Eni operates Perla field in the Cardón IV license, the largest offshore gas field discovered in Latin America. Cardón IV recently signed an agreement providing for continuing, in a sustainable manner, a relaunch of Perla production aimed at increasing volumes destined for the domestic market and defining conditions for additional future gas exports.
Eni also holds a stake in the PetroSucre joint venture (PDVSA 74%, Eni 26%), which operates Corocoro offshore oil field.
